# Profits and losses in the US sector

Canadian results progressThe Insurance Bureau of Canada (IBC) (see table 1) says property and casualty results improved in the fourth quarter of 2003, which led to an underwriting gain of C $375m ($287m) on C $8708m in premiums. This was an increase of C$144m in the previous quarter on C \$7342 in premiums.The industry's combined ratio also improved at year end to just below 99%, compared to 105.8% the previous year.Following six years of declining returns, including two of the worst years i